# Taxation of Chargeable Gains Act 1992, Section 151U: Treatment of bond-holder and bond-issuer


(1) This section applies for the purposes of this Act and any other enactment about capital gains tax and irrespective of the position for other purposes.
(2) The bond-holder under investment bond arrangements is not treated as having a legal or beneficial interest in the bond assets.
(3) The bond-issuer under such arrangements is not treated as a trustee of the bond assets.
(4) Gains accruing to the bond-issuer in connection with the bond assets are gains of the bond-issuer and not of the bond-holder (and do not arise to the bond-issuer in a fiduciary or representative capacity).
(5) Payments made by the bond-issuer by way of redemption payment or additional payment are not made in a fiduciary or representative capacity.
(6) The bond-holder is not entitled to relief for capital expenditure in connection with the bond assets.
(7) Expressions used in this section have the same meaning as in section 151N.

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Source: https://www.legislation.gov.uk/ukpga/1992/12/section/151U (the official version)
Page: https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/section-151U
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.